In March 2023, the inflation rate in Canada decreased to 4.3% from 5.2% in February, marking its lowest level since August 2021. The Bank of Canada has predicted that the inflation rate will reach 3% in the coming months and is currently targeting a 2% inflation rate by the end of 2024. The Consumer Price Index (CPI) increased by 0.5% monthly in March, following a 0.4% increase in February. The most significant month-over-month change was led by travel tours, which increased by 36.7%.

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